Reports indicate that Nigeria’s Federal Executive kicked off its first meeting by earmarking a fund of N70 billion ($593,000) for the textile sector. This money will be offered in the form of a loan, which will be repaid at a low rate of interest, which has not yet been confirmed.

The government is said to be concerned with declines within the industry and hopes that the fund will help to revive it along with other support initiatives. High production costs have priced many Nigerian textile manufacturers out of the market. It is also hoped that the government will help producers source raw materials locally at a lower cost.

Share this story: